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I’ve talked about some of these specialists before, but all of it bears repeating here: Hard money lenders are especially critical when you find a property for which banks won’t offer financing. Just keep in mind these lenders tend to charge more in interest and points, and the loans need to be paid off more quickly than loans administered through banks. One nice thing about having good relationship with lenders is the referral process. You might find yourself sending your end buyer to them in a wholesale situation, and lenders may send you buyers over the years, as well. Even if you end up getting most of your financing through hard money lenders, having a knowledgeable mortgage broker to turn to can be helpful, as well. Again, for wholesalers looking for a smooth sale, buyers can be referred to mortgage brokers. Just make sure you’re working with someone who’s an expert in the types of deals you do and is familiar with many different kinds of loans. Contractors are key if you’re fixing up properties, whether you’re looking to flip or to rent. However, if you’re a wholesaler, you can also benefit from knowing good contractors — your potential buyer might need one, and if you connect them, your buyer might feel better about the work that needs to get done and thus make an offer more quickly. A great insurance agent is an absolute must. The key is to find someone who understands your investment business, because your policies aren’t the same as what homeowners get. It’s quite
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